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important accounting standard in CA Intermediate | CA IPCC for both groups

Open uri20170510 32134 w73xg6?1494421630 asked

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

> important accounting standard in CA Intermediate | CA IPCC for both groups --**Group 1 – Accounting:** --Valuation of Inventories -- Cash Flow Statements --Construction Contracts --Revenue Recognition **Group 2 – Advanced Accounting:** -- Contingencies and Events occurring after the Balance Sheet Date --Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies --Leases --Borrowing Costs -- The Effects of Changes in Foreign Exchange Rates (Revised 2003)

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

**Group 1 – Accounting:** Accounting Standard 1: Disclosure of Accounting Policies This Standard deals with the disclosure of significant accounting policies followed in preparing and presenting financial statements. The disclosure of some of the accounting policies followed in the preparation and presentation of the financial statements is required by law in some cases. Accounting Standard 2: Valuation of Inventories This Standard should be applied in accounting for inventories other than: work in progress arising under construction contracts, including directly related service contracts (see Accounting Standard (AS) 7, Construction Contracts); work in progress arising in the ordinary course of business of service providers; shares, debentures and other financial instruments held as stock-in-trade; and Accounting Standard 3: Cash Flow Statements The Standard deals with the provision of information about the historical changes in cash and cash equivalents of an enterprise by means of a cash flow statement which classifies cash flows during the period from operating, investing and financing activities. Accounting Standard 6: Depreciation Accounting This Standard deals with depreciation accounting and applies to all depreciable assets, except the following items to which special considerations apply:— Forests, plantations and similar regenerative natural resources; wasting assets including expenditure on the exploration for and extraction of minerals, oils, natural gas and similar non-regenerative resources; expenditure on research and development; goodwill and other intangible assets; live stock. Accounting Standard 7: Construction Contracts (Revised 2002) This Standard should be applied in accounting for construction contracts in the financial statements of contractors Accounting Standard 9: Revenue Recognition This Standard deals with the bases for recognition of revenue in the statement of profit and loss of an enterprise. The Standard is concerned with the recognition of revenue arising in the course of the ordinary activities of the enterprise from sales and services. Accounting Standard 10: Accounting for Fixed Assets This standard does not deal with the specialised aspects of accounting for fixed assets that arise under a comprehensive system reflecting the effects of changing prices but applies to financial statements prepared on historical cost basis. Accounting Standard 13: Accounting for Investments This Standard deals with accounting for investments in the financial statements of enterprises and related disclosure requirements Accounting Standard 14: Accounting for Amalgamations This standard deals with accounting for amalgamations and the treatment of any resultant goodwill or reserves. This Standard is directed principally to companies although some of its requirements also apply to financial statements of other enterprises. **Group 2 – Advanced Accounting:** AS 4: Contingencies and Events occurring after the Balance Sheet Date AS 5: Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies AS 11: The Effects of Changes in Foreign Exchange Rates (Revised 2003) AS 12: Accounting for Government Grants AS 16: Borrowing Costs AS 19: Leases AS 20: Earnings Per Share AS 26: Intangible Assets AS 29: Provisions, Contingent Liabilities and Contingent Assets

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